Team News Riveting
Raipur, December 3
The JSW Steel today announced that as part of the Company’s overall efforts to restructure and consolidate its US Coal operations and holding structure, the following step-down subsidiary companies of the Company, operating at West Virginia, USA, have been merged with their respective holding Companies with effect from December 2, 2021:
1) Keenan Minerals, LLC, R.C. Minerals, LLC and Peace Leasing, LLC with its Holding Company Purest Energy, LLC.
2) Periama Handling, LLC and Rolling S Augering, LLC with its Holding Company Planck Holdings, LLC.
3) Prime Coal, LLC with its Holding Company Periama Holdings LLC.
The above restructuring and consolidation exercise does not entail any sale of the Company’s overseas assets / investments and the Company continues to have the same economic interests in its operations in U.S., the company said in a regulatory filing.
The turnover of all the merged entities is Nil for the year ended March 31, 2021, the company said, adding that since, the merged entities are wholly owned step-down subsidiaries of the Transferee Companies, no
shares of the Transferee Company have been allotted in lieu or exchange of the shares of the merging entities. There would be no change in the shareholding pattern of JSW Steel Limited, the listed entity.
